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Crude oil futures gain on spot demand
image for illustrative purpose
Crude oil prices rose by Rs27 to Rs7,412 per barrel in futures trade as participants increased their positions following a firm spot demand.
On MCX, crude oil for September delivery traded higher by Rs27, or 0.37 per cent, at Rs7,412 per barrel in 9,170 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate (WTI) crude oil was up by 0.54 per cent at $89.32 per barrel, and Brent crude traded 0.51 per cent higher at $92.53 per barrel in New York.
